Dokkan Afkar, a Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, has closed a SR19 million ($5.6m) Series B funding round, led by the Business Incubators and Accelerators Company (BIAC).
The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) – along with a number of local investors, including Mishal Ali Reda, who has invested in the start-up’s third consecutive funding round.
Dokkan Afkar said it plans to use the new capital to continue its growth and expansion throughout the Middle East, focusing on increasing its products and product inventory with the vision of attracting a larger and more diverse customer base.
The company added in a statement that it will also add new creative talent and suppliers to support its various department categories, as well as offer several employment opportunities for Saudi youth.
“We have learned a lot over the past six years, and have been progressing and moving from one success to another,” said Dokkan Afkar co-founder and CEO, Ammar Waganah.
“We now look forward to moving towards our next phase of the business, which is expanding into the rest of the Arab region, followed by entering into a number of international markets. We’re immensely proud that Dokkan Afkar is one of Saudi Arabia’s leading start-ups dedicated to promoting a vibrant e-commerce ecosystem that is in line with the kingdom’s Vision 2030 plan,” he added.
Nawaf Al Sahhaf, CEO of the Business Incubators and Accelerators Company, added that the success of the latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector.
Established in 2013, Dokkan Afkar – which translates into Shop of Ideas – is an online retail service with a strong focus on promoting local homegrown creative talent and suppliers.
Source:https://www.arabianbusiness.com/retail/435240-saudi-gifts-retailer-secures-56m-funding-for-expansion